American Equity Specialty Insurance Company, based in Connecticut, is a top provider of property and casualty insurance.
They offer insurance for niche industries like construction, healthcare, manufacturing, professional services, real estate, energy, and transportation.
It’s a wholly-owned subsidiary of Travelers Companies, Inc.
American Equity Specialty Insurance Company (Connecticut)
American Equity Specialty Insurance Company, located in Hartford, Connecticut, is a property and casualty insurance company.
It began in 1997 and is part of the Travelers Companies. They offer different types of insurance, such as car, burglary, fire, and more.
This company can do business in all 50 states and the District of Columbia. They have a good financial strength rating, with an A- from Fitch Ratings and an A from AM Best.
Contact Details
Address: One Tower Square Hartford, CT 06183
Phone: (800) 991-5334
Email: https://www.american-equity.com/resources/customer-service
Services and Products
American Equity Specialty Insurance Company, based in Connecticut, offers a wide range of property and casualty insurance products. These include:
- Property insurance, which covers commercial and residential properties, inland marine assets, business interruptions, and equipment breakdowns,
- Casualty insurance, encompassing commercial and personal liability, workers’ compensation, and professional liability, as well as automobile insurance
The company also provides specialized insurance products, including excess and surplus lines, aviation, marine, and surety and fidelity insurance.
They aim to cater to diverse needs, offering flexible coverage and competitive rates.
Here are some specific products they offer:
- AssetShield: A fixed indexed annuity that combines growth potential with downside protection.
- IncomeShield: A fixed indexed annuity ensuring guaranteed lifetime income.
- Retirement Gold: A fixed indexed annuity offering growth potential and retirement income.
- Destinations: A fixed indexed annuity with various investment options.
- Bonus Gold: A fixed indexed annuity with a bonus for certain contributions.
Furthermore, American Equity Specialty Insurance Company extends a range of commercial insurance products, including:
- Commercial property insurance: safeguards commercial structures and assets against perils like fire and theft.
- Commercial liability insurance: shields businesses from financial losses due to lawsuits and claims.
- Workers’ compensation insurance: Provides benefits to employees injured or falling ill on the job.
- Professional liability insurance: protects professionals from losses stemming from malpractice or errors and omissions claims.
- Automobile insurance: Offers coverage for vehicles against accidents, theft, and other risks.
Financial Strength and Ratings
American Equity Specialty Insurance Company, based in Connecticut, boasts excellent financial strength ratings.
Fitch Ratings rates them A-, and AM Best assigns an A rating.
These ratings signal the company’s robust financial standing, ensuring they can fulfill their commitments to policyholders.
Comparison of American Equity Specialty Insurance Company’s financial strength ratings to those of other major insurance companies:
| Company | Fitch Ratings | AM Best |
|---|---|---|
| American Equity Specialty Insurance Company (Connecticut) | A- | A |
| Travelers Companies | AA | A++ |
| State Farm Insurance | AAA | A++ |
| Allstate Insurance | AA | A++ |
| Progressive Insurance | AA+ | A++ |
Claims Process, Cancellations and Renewals
American Equity Specialty Insurance Company (Connecticut) strives for an efficient and customer-friendly claims process.
To initiate a claim, reach out to your agent, broker, or dial the company’s claims hotline at (800) 991-5334.
The company’s claims adjusters will work closely with you to assess your claim and verify its coverage under your policy. When approved, you’ll receive the entitled benefits promptly.
Notably, American Equity Specialty Insurance Company is renowned for its timely and equitable claims processing.
In 2022, they maintained a complaint ratio of 0.04, surpassing the industry average. This indicates that out of every 10,000 claims, the company received only 4 complaints.
Cancellations with American Equity Specialty Insurance Company (Connecticut)
American Equity Specialty has the authority to cancel a policy at any time for any reason. However, they are obligated to provide written notice of cancellation at least 30 days in advance.
In the event of policy cancellation, you may qualify for a refund of unearned premiums. For guidance on your options, get in touch with your agent or broker.
Renewals with American Equity
As your policy’s expiration approaches, American Equity Specialty Insurance Company will send you a renewal notice.
This notice will furnish your current policy details and the new premium.
If you’re content with your existing policy, you can simply remit your renewal premium, ensuring continuous coverage.
If dissatisfied, you have the freedom to explore alternative policies from different insurance companies.
Reviews and Feedback
American Equity Specialty Insurance Company (Connecticut) receives a variety of reviews, with both positive and negative feedback.
Some customers commend the company for its outstanding customer service and speedy claims processing.
Conversely, there are complaints about the high rates and challenges in getting claims approved.
Let’s look at a selection of reviews from Google and Yelp:
Google:
- I have been a customer of American Equity Specialty Insurance Company for over 10 years and I have always been happy with their service. My claims have always been processed quickly and fairly.” – 5 stars
- American Equity Specialty Insurance Company has the best customer service of any insurance company I have ever dealt with. The claims process was also very easy and I was paid promptly.” – 5 stars
Yelp:
- I have been a customer of American Equity Specialty Insurance Company for over 5 years and I have never had a problem. My rates are reasonable and my claims have always been processed quickly and fairly.” – 5 stars
- “American Equity Specialty Insurance Company is the worst insurance company I have ever dealt with. My rates are extremely high and I have had a nightmare trying to get my claim approved.” – 1 star
Benefits of American Equity Specialty Insurance Company (Connecticut)
- Financial Strength: The company possesses a strong financial rating, ensuring it can fulfill its commitments to policyholders.
- Wide Range of Products and Services: American Equity Specialty Insurance Company offers a diverse selection of property and casualty insurance products and services, catering to the needs of various businesses and individuals.
- Competitive Rates: The company provides competitive rates on its insurance products and services, making coverage more affordable.
- Excellent Customer Service: American Equity Specialty Insurance Company is recognized for its exceptional customer service, offering support and assistance to policyholders.
- Prompt Claims Processing: The company has a track record of processing claims promptly and fairly, ensuring policyholders receive their entitled benefits without delay.
Quick Facts
- Founded: 1997
- Headquarters: Hartford, Connecticut
- License: Licensed to transact business in all 50 states and the District of Columbia
- Financial strength ratings: A- from Fitch Ratings and A from AM Best
- Products and services: Property and casualty insurance products and services for businesses and individuals, including commercial property insurance, commercial liability insurance, workers’ compensation insurance, professional liability insurance, automobile insurance, and specialty insurance products
- Benefits: Financial strength, wide range of products and services, competitive rates, excellent customer service, and prompt claims processing
Nick Greenlight is an experienced individual in the financial sector, with knowledge spanning from investment management to income tax preparation.
He has been writing informative essays on personal finance for over a decade and holds several credentials.